Membership Collective Group’s US$420 Million IPO

Membership Collective Group's US$420 Million IPO

Sidley Austin LLP advised Membership Collective Group Inc. on the deal, while Davis Polk advised the underwriters.

Membership Collective Group (“MCG”), a global membership platform comprised of Soho House, Soho Works, The Ned, Scorpios Beach Club and Soho Home, and related digital platforms, announced the pricing of its initial public offering of 30,000,000 shares of its Class A common stock at a public offering price of $14.00 per share. In addition, MCG has granted the underwriters a 30-day option to purchase up to an additional 4,466,535 shares of its Class A common stock at the public offering price, less underwriting discounts and commissions. 

J.P. Morgan, Morgan Stanley and BofA Securities are acting as joint lead book runners for the offering. Goldman Sachs & Co. LLC and HSBC are acting as joint book runners. Citigroup, William Blair and Loop Capital Markets are acting as co-managers.

The Membership Collective Group (MCG) is a global membership platform of physical and digital spaces that connects a vibrant, diverse and global group of members. These members use the MCG platform to work, socialize, connect, create and flourish all over the world. We began with the opening of the first Soho House in 1995 and remain the only company to have scaled a private membership network with a global presence. Members around the world engage with MCG through our global portfolio of 30 Soho Houses, 9 Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Soho Home – our interiors and lifestyle retail brand – and our digital channels.

The Sidley New York team was led by Capital Markets partners Sam Gandhi and Rob Ryan (Picture), and associates Nicole Garrett and Nithya Swaminathan. The London team was led by Capital Markets partner David Howe and M&A partner James Wood, associate Dominique Roberts, and trainee solicitor Maeve Gillespie. Other critical support was provided by Executive Compensation and Benefits partner Corey Perry (Chicago) and associate Richard Schneider (Chicago); Securities Enforcement and Regulatory (Section 16) partner Katie Klaben (Washington, D.C.) and staff attorneys Claudia Rios and Allen Kogan (each Washington, D.C.); Tax partners Chris Brause (New York) and Jason Menzies (London), and associates Lena Qiu (New York) and Chris Dorman (London).

Davis Polk advised the underwriters with partners Richard D. Truesdell Jr. and Marcel Fausten and counsel Dan Gibbons. The U.K. corporate team included partner Simon Witty and associates Mark Chalmers, Alexander W. Simmonds and Vivek Thanki. The tax team included partner Po Sit. Partner Frank J. Azzopardi provided intellectual property advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; Mark Chalmers – Davis Polk & Wardwell; Marcel Fausten – Davis Polk & Wardwell; Dan Gibbons – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Alexander Simmonds – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Vivek Thanki – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell; Simon Witty – Davis Polk & Wardwell; Christian Brause – Sidley Austin LLP; Chris Dorman – Sidley Austin LLP; Samir Gandhi – Sidley Austin LLP; Nicole Garrett – Sidley Austin LLP; David Howe – Sidley Austin LLP; Katie Klaben – Sidley Austin LLP; Jason Menzies – Sidley Austin LLP; Corey Perry – Sidley Austin LLP; Lena Qiu – Sidley Austin LLP; Dominique Roberts – Sidley Austin LLP; Robert Ryan – Sidley Austin LLP; Richard Schneider III – Sidley Austin LLP; Nithya Swaminathan – Sidley Austin LLP; James Wood – Sidley Austin LLP;

Law Firms: Davis Polk & Wardwell; Sidley Austin LLP;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Goldman Sachs & Co.; HSBC; J.P. Morgan Securities LLC; Loop Capital Markets; Membership Collective Group Inc.; Morgan Stanley; William Blair & Company, L.L.C.;

Martina Bellini

Author: Martina Bellini